The global electric power steering market was valued at USD 24.3 billion in 2021 and is projected to reach USD 33.4 billion by 2027, growing at a CAGR of 5.4% from 2021 to 2027. The key growth drivers for the market are the increasing number of government norms and mandates related to fuel-efficient technologies, measures taken by OEMs worldwide to reduce the weight and complexity of their vehicles, and the globally increasing vehicle production.
Global measures by OEMs to reduce complexity and weight of vehicles
Over the last few years, OEMs have shifted focus from hydraulic to electric power steering systems in the interests of reduced complexity and increased efficiency. EPS systems use an electric motor instead of a hydraulic pump to provide steering assistance and thus help to reduce the weight of the vehicle. Electronic sensors calculate the amount of steering force being applied by the driver and, with the help of an electric motor, the force is amplified to make steering easier
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Electric Power Steering Market: Penetration in commercial vehicles
Presently, the power steering market of commercial vehicles is dominated by hydraulic power steering (HPS), which has a complicated structure, consumes high power, leaks easily, and is difficult to control. EPS offers the advantages of adjustable power, good steering, low fuel consumption, and no pollution. Therefore, it would gradually be used in commercial vehicles.
Collapsible steering column– The largest share of electric power steering market in 2021
The collapsible steering column is estimated to hold the largest share of the electric power steering market in 2021. It is a mechanism of an upper column and a lower shaft in which the lower shaft enters into a housing in the event of an accident. This column is installed in passenger cars and light commercial vehicles. The growing production of passenger cars and light commercial vehicles, as well as increasing government mandates on road safety, are the primary factors driving the growth of collapsible steering columns in EPS systems.
Asia Pacific: Rapid vehicle electrification in China is propelling the growth of Asia Pacific market
The growth of the electric power steering market in the Asia Pacific region is expected to be driven by growing vehicle production, government regulations about vehicle emissions, rapid vehicle electrification, fuel efficiency demand, and growing disposable incomes. The governments in the Asia Pacific region are taking several initiatives to improve vehicle safety and are thus compelling OEMs to increasingly integrate safety features with the EPS system.
Key Market Players
The report profiles the most promising players in the electric power steering market. The market presents an interesting picture of a large number of big and small players that have become a force to reckon. The key players in this market are Robert Bosch (Germany), Mitsubishi Electric (Japan), JTEKT (Japan), Nexteer (US), ZF (Germany), ThyssenKrupp (Germany), NSK (Japan), Hyundai Mobis (South Korea), GKN (UK), and Federal-Mogul (US).
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